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Hedge fund Harbinger Capital and Lighsquared attempt to sue Garmin, Deere and..
Posted on 8/20/13 at 4:10 pm
Posted on 8/20/13 at 4:10 pm
..Trimble Navigation.
Basically LightsSquared's Wireless network could have potentially wreaked havoc on GPS signals so the FCC rejected a deal with Sprint, causing LightSquared to file for bankruptcy.
Sounds like Harbinger backed a bad design and are looking to place the blame on someone else so they can recoup $1.9 billion.
LINK
LINK
quote:
Hedge fund Harbinger Capital, has filed suit in federal court against Deere & Co. (DE), Garmin Ltd. (GRMN), and Trimble Navigation Ltd. (TRMB) for failing to disclose problems with the companies’ GPS navigation systems that caused the Federal Communications Commission (FCC) to deny a license to Harbinger-controlled and now bankrupt LightSquared Inc. Harbinger and LightSquared are seeking damages of $1.9 billion according to a report at the New York Times’ DealBook blog.
It seems unlikely that Harbinger and LightSquared will prevail because the FCC already considered this issue and rejected it.
Basically LightsSquared's Wireless network could have potentially wreaked havoc on GPS signals so the FCC rejected a deal with Sprint, causing LightSquared to file for bankruptcy.
Sounds like Harbinger backed a bad design and are looking to place the blame on someone else so they can recoup $1.9 billion.
LINK
LINK
This post was edited on 8/20/13 at 4:15 pm
3
Posted on 8/20/13 at 5:51 pm to Captain Ron
were there actual problems? Or was the FCC just protecting the big boy with all the cash
Posted on 8/20/13 at 5:52 pm to Captain Ron
were there actual problems? Or was the FCC just protecting the big boy with all the cash
Posted on 8/20/13 at 10:47 pm to Captain Ron
Blown up hedge funds are always looking for someone to blame (e.g. long term capital management)
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